While metropolitan Melbourne is experiencing a slow down in demand for properties, regional properties are being snapped up in record speed. Why? What do these buyers know that we don't? Well, here at Concierge Buyers Advocates, we've been advocating for regional properties about a year ago, well ahead of the demand. For the buyers who trusted our opinion, here is your reward. On average, the values of your properties would have grown between 12-20%, despite the difficult pandemic period.
Now, here's why
With the onset of working from home, city dwellers have suddenly realised that their convenient, but often tiny apartments are too cosy to be considered an ideal working environment. They have also realised that the milion dollar they spent on the apartment, could have gotten them a nice, luxurious 5 bed room property for a fraction of the price.
This, together with the often-scenic peaceful settings of a regional town, appealed to the city dwellers. Technology has effectively closed the distance between these regional towns.
What will happen when movements restrictions are lifted? Will these buyers sell up, and move back to the major cities?
Only time will tell.